How Much Does a CRM Data Solution Cost?

Improving both the quality and quantity of your CRM data is vital for the success of your sales and marketing efforts. Research from Experian shows that even though 9 out of 10 companies have a data quality solution in place, 91% of companies believe their revenue is negatively impacted by inaccurate data.

Quality data solutions are important, but they come at a cost. The exact price that you will pay for a CRM data solution varies based on the specific solution you are looking for.

Buying Individual Records

One of the common ways to purchase data for your CRM is to buy individual records. Most providers sell batches of data at a flat rate. Data prices vary depending on the provider and the specific information you are purchasing, but you can generally expect to pay around $150-250 for 1000 records, or $0.15 – $0.25 per record. These records usually contain first and last names, phone numbers, e-mail addresses, company names and job titles.

Monthly Plans

Another option for purchasing CRM data is a monthly subscription (like we do here at YesData – link to pricing page). You pay a fixed monthly rate and are allowed a set number of records each month. Some plans also have limits on the number of users that are allowed access to the data, which is an important concern if you are purchasing data for an enterprise sales team. The cost of monthly plans varies depending on the type of records and the number of users that have access – you can expect to pay anywhere from $25 to $1,000 per month.

Comparing the Two Options

Which solution is best for you? Every company has different needs from their sales data. If you are looking for a solution that allows you to consistently supplement your CRM with fresh data, a monthly option may be best. On the other hand, if you are looking to give your records a one-time boost to support a new marketing campaign, buying a batch of records may be the best option.

Here are a few other factors to consider

Some monthly data solution providers only accept annual payments, so even though a monthly plan might seem like a more cost-effective option, you may end up paying a lot more upfront and getting locked into a provider for an entire year.

Not every provider will allow you complete ownership of the records. Some may only allow you to access data within their proprietary application, or it might only be populated into your CRM. If you want to put your data in a spreadsheet or print out a list, make sure your data vendor supports these features.

Some providers have high minimum requirements for how much data you can purchase in each batch, often as a way to offset a low per-record cost. Talk to your potential suppliers about the minimum number of records they will allow you to purchase at once.

If you’re promoting a new product or selling to a new market, consider what might happen if you make a bulk purchase of records in a certain http or role and realize later that these records don’t align with your ideal market. If this happens, you may be stuck with data that doesn’t have much value.

Remember to factor in the accuracy of the data you purchase. If you are buying records on a regular basis, consider that marketing data decays at a rate of around 3% each month. Some data providers offer cleaning services to help you ensure that your new and existing records are as accurate as possible.

YesData offers a cleaning tool for $20 per user per month and a CRM data plan for $100 per user per month. Because we are confident in the quality of our service and data, Yes Data does not require contracts or annual commitments. To learn more, contact us for 350 free records and a 3-day all access demo today.